Cryptocurrencies
Bitcoin Morphs Into Unlikely Sanctuary as Market Turmoil Rises
- Crypto historically has a low correlation with other assets
- Rally began in Asian trading as yuan weakened versus dollar
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Investors the world over are finding an unusual place to hide as the trade war between the U.S. and China roils global markets: Bitcoin.
Investors piled into safer securities such as sovereign bonds on Monday after China struck back in its trade dispute with the U.S. and let its currency weaken through a milestone level. Major cryptocurrencies, increasingly seen as a refuge during distressed times, also rose, with Bitcoin gaining more than 14% and smaller peers including XRP and Litecoin each rising more than 5%.